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News/Bitcoin faces strong resistance at $19,700 as it maintains tight trading range

Bitcoin faces strong resistance at $19,700 as it maintains tight trading range

Oct 18 2022

2 years ago5 mins read

Bitcoin has been underperforming relative to equities in its run-up from the Oct. 13 low of $18,200. This is unusual as crypto in general is considered more volatile, and lagging performance could be seen as a sign of buyer exhaustion.

Meanwhile, SPX is testing the neckline for its double bottom, and the pattern should resolve itself by the end of session today. DXY, on the other hand, bounced yesterday from 111.7, but could not move upward.

For Bitcoin, $19,000 remains the key support level bulls will want to protect.

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BTC Technical Analysis

Bitcoin price made another run at \(19,700 and got rejected. Currently, it is trading within a range of \)300 from \(19,400 to \)19,700. There is a lot of liquidity on both sides of this range, and if Bitcoin does break above we can expect some major resistance after this liquidity grab around \(20,100. However, if it falls below \)19,100 could initiate a long squeeze and we might see $18,500.

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ETH Technical Analysis

ETH price has had multiple tests of the \(1,340 and was rejected off a trend line acting as resistance since mid-September. Currently, at \)1,323 Ethereum appears too weak to make any moves and is solely reliant on Bitcoin. Looking at liquidation data for Ethereum, unlike Bitcoin, we see a clear direction for Ethereum which is down towards \(1,290 for a long squeeze, and it could go down as far as \)1,275 without breaking a higher low structure on ETH/USD charts.

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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.

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